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2005 Tax Tables

Individual Income Tax Rates:
- US
- Maine
- New Hampshire
Income Tax on Estates & Trusts
Income Tax for Corporations
- US
- Maine
Standard Deductions
Personal Exemptions
Income Deductions & Limitations
Social Security and Self-Employment Taxes
Standard Mileage
Capital Gains
Retirement Plans

 
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2005 Individual Income Tax Rates

US

2005 US Individual Income Tax Rates

  
 

Single

  
 

Taxable Income 

Amount of Tax
  Not Over $7,300 10% of taxable income
  Over $7,300 but not over $29,700 $730 plus 15% of the amount over $7,300
  Over $29,700 but not over $71,950 $4,090 plus 25% of the amount over $29,700
  Over $71,950 but not over $150,150 $14,653 plus 28% of the amount over $71,950
  Over $150,150 but not over $326,450 $36,549 plus 33% of the amount over $150,150
  Over $326,450 $94,728 plus 35% of the amount over $326,450
 


Head of household

  
 

Taxable Income 

Amount of Tax

  Not Over $10,450 10% of taxable income
  Over $10,450 but not over $39,800 $1,045 plus 15% of the amount over $10,450
  Over $39,800 but not over $102,800 $5,448 plus 25% of the amount over $39,800
  Over $102,800 but not over $166,450 $21,198 plus 28% of the amount over $102,800
  Over $166,450 but not over $326,450 $39,020 plus 33% of the amount over $166,450
  Over $326,450 $91,820 plus 35% of the amount over $326,450
     
 

Married filing jointly or surviving spouse

  
 

Taxable Income

Amount of Tax
  Not Over $14,600 10% of taxable income
  Over $14,600 but not over $59,400 $1,460 plus 15% of the amount over $14,600
  Over $59,400  but not over $119,950 $8,180 plus 25% of the amount over $59,400
  Over $119,950 but not over $182,800 $23,318 plus 28% of the amount over $119,950
  Over $182,800 but not over $326,450 $40,916 plus 33% of the amount over $182,800
  Over $326,450 $88,320 plus 35% of the amount over $326,450
     
 

Married filing separately

  
 

Taxable Income

Amount of Tax
  Not Over $7,300 10% of taxable income
  Over $7,300 but not over $29,700 $730 plus 15% of the amount over $7,300
  Over $29,700 but not over $59,975 $4,090 plus 25% of the amount over $29,700
  Over $59,975 but not over $91,400  $11,659 plus 28% of the amount over $59,975
  Over $91,400 but not over $163,225 $20,458 plus 33% of the amount over $91,400
  Over $163,225  $44,160 plus 35% of the amount over $163,225

Maine

2005 Maine Individual Tax Rate
 

Married filing jointly or Surviving Spouses
 

Base Taxable Income

$0
8,900 
17,700
35,450 

Tax on Base

$0 
178
574
1,817

% on Excess Over Base

2.0%
4.5%
7.0%
8.5%
 
 

Single and Married Taxpayers Filing Separately
 

Base Taxable Income

$0
4,450 
8,850
17,700

Tax on Base

$0 
89
287
907

% on Excess Over Base

2.0%
4.5%
7.0%
8.5%
       
 

Head of Household

    
 

Base Taxable Income

$0
6,650 
13,250
26,600

Tax on Base

$0 
133
430
1,365

% on Excess Over Base

2.0%
4.5%
7.0%
8.5%
  *May also be subject to alternative minimum tax (AMT) of 7.6% Maine alternative minimum taxable income.
       
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New Hampshire

2005 New Hampshire Individual Income Tax Rate
Interest & Dividends tax (I&D)

Exemptions from I&D tax are:
Individual & spouse 
Elderly or Disabled
Blind		 Information not yet available


Information not yet available
Information not yet available
Information not yet available
     

Income Tax on Estates & Trusts

US

Estates & Trusts

Taxable Income 

Not Over $2,000 
Over $2,000 but not over $4,700
Over $4,700 but not over $7,150
Over $7,150 but not over $9,750
Over $9,750

Amount of Tax

15% of taxable income
$300 plus 25% of the amount over $2,000
$975 plus 28% of the amount over $4,700
$1,661 plus 33% of the amount over $7,150
$2,519 plus 35% of the amount over $9,750
Bankruptcy estates use the rate schedules for married taxpayers filing separate returns.
   
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Income Tax for Corporations

US

Corporations

  
 

Taxable Income

Amount of Tax

  Not over $50,000 15% of taxable income
  Over $50,000 but not over $75,000 $7,500 plus 25% of the amount over $50,000
  Over $75,000 but not over $100,000 $13,750 plus 34% of the amount over $75,000
  Over $100,000 but not over $335,000 $22,250 plus 39% of the amount over $100,000
  Over $335,000 but not over $10,000,000 $113,900 plus 34% of the amount over $335,000
  Over $10,000,000 but not over $15,000,000 $3,400,000 plus 35% of the amount over $10,000,000
  Over $15,000,000 but not over $18,333,333.33 $5,150,000 plus 38% of the amount over $15,000,000
  Over $18,333,333.33 35% of taxable income.
  Capital gains are taxed at regular corporate rates.  Qualified personal service corporations are taxed at a flat rate of 35%.
   
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Maine

Corporate Tax Maine*

 

Base Taxable Income

Information not yet available

Tax on Base

n/a

% on Excess Over Base

n/a

  *May also be subject to alternative minimum tax (AMT) of 5.4% Maine alternative minimum taxable income.
   

Standard Deductions

 

Basic*

  
  Single $5,000
  Married filing separate 
 $5,000
  Head of household   $7,300
  Married filing joint & surviving spouses $10,000
 
Additional (for 65 or over and/or blind)
  
 

Unmarried (not surviving spouse)

 $1,250
 

Married or surviving spouse (whether or not joint return)

 $1,000
 
*Limited to greater of $800 or the sum of $250 plus earned income for dependents.
     
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Personal Exemptions

 

 Exemption amount: $3,200
  The exemption amount is reduced for taxpayers whose adjusted gross income exceeds:
  Single
Married Filing Separate 
Head of Household
Married filing Joint & surviving spouse		 $145,950
$109,475
$182,450
$218,950
     

Income Deductions & Limitations

 

 Medical Expenses Limited to expenses that exceed 7.5% of adjusted income (AGI)

 

 Casualty Losses Generally limited to losses that exceed 10% of AGI
  Charitable Contributions Deductions are generally limited to 50% of AGI for donations to public charities; 30% for donations to private foundations
  Misc. Itemized Deductions Deduction is generally limited to expenses that exceed 2% of AGI
  For taxpayers whose AGI exceeds $145,950 ($72,975 for Married filing separately) the deduction is reduced by 3% of the amount of the excess. Note that the 3% reduction does not apply to medical expenses, investment interest, casualty or theft losses or gambling losses.
     

Social Security & Self-Employment Taxes

Employee Rates

FICA

Taxable Wages

Rate

Max. Tax

Social Security

90,000

6.2%

5,580

Medicare

No limit

1.45%

No limit
 

  

Self-Employed Rates

FICA

Taxable Wages

Rate

Max. Tax

Social Security

90,000

12.4%

11,160

Medicare

No limit

2.9%

No limit
 
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Standard Mileage
  Business use of auto 40.5¢/mile
48.5¢/mile after 9/1/05
  Charitable 14¢/mile
  Medical 15¢/mile
  Moving expenses 15¢/mile
     

Capital Gains

Individuals, Estates & Trusts and qualified dividend income
 

Net short-term (held one year or less)
capital gain is taxed at: 


35%
  Long-term (more than one year) capital gain and qualified dividend income are taxed at: 15% (5% for taxpayers in the 10% and 15% tax brackets)
  Except the maximum tax on:  
 

Unrecaptured section 1250 gain (attributable to real estate depreciation) is:

 25%
 

Collectibles gain (on works of art, rugs, antiques, etc.) is:

 28%
 

Section 1202 gain (from the sale of small business stock eligible for 50% exclusion from gross income) is:

 28%
   
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Retirement Plans

Indexed Contribution & Benefit Limits for Qualified Plans
 

Type of Plan

Individual Retirement Accounts (IRAs)*

 

$4,000

  
  Section 401(k) plans or SAR-SEPs* 
$14,000
  
  Section 403 (b) plans 
$14,000
  
  Section 408 (p) (2) (A) SIMPLE contributions*
$10,000
  
  Section 457 (b) (2) limit
$14,000
  
  Section 415 limit for:
 
 

Defined contribution plans
$42,000
  
 

Defined benefit plans 
$170,000
  
  Highly compensated employees Section 414(q)
$95,000
  
  FICA taxable wage base
 
 

Social security tax (tax rate 6.20% for employees; 12.40% for self-employed)
$90,000
  
 

Medicare (tax rate 1.45% for employees; 2.90% for self-employed)
No limit
  
  * Age 50 additional contributions
 
  
 

401 (k) type plans
$4,000
  
 

SIMPLEs
$2,000
  
 

IRAs
$500
  
 
Roth IRAs		    
 

Nondeductible contributions

    
 

Qualified tax-free distributions

  
 

AGI Phaseouts:

 
 

Joint Filers

$150,000 - $160,000
 

Individual Filers

$95,000 - 110,000
     
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